【西街观察】“不寻求汇率贬值优势”是对中国经济的自信

Group 1 - The People's Bank of China emphasizes that it does not seek to gain international competitive advantage through currency devaluation, highlighting that a country's competitiveness relies on real strength rather than currency manipulation [1] - The contrast in performance between the US dollar and the Chinese yuan is notable, with the dollar index dropping 11% from above 109 to around 97, while the onshore yuan has appreciated over 1.8% against the dollar since the beginning of the year [1] - Historical evidence suggests that countries relying solely on devaluation to stimulate exports often fall into a vicious cycle of rising import costs and inflation, which ultimately diminishes purchasing power [1][2] Group 2 - China's commitment to not relying on devaluation for competitive advantage aligns with its transition towards high-quality development, focusing on industries like new energy vehicles and high-end equipment through R&D and industrial collaboration [2] - A stable exchange rate environment is essential for supporting imports, domestic demand, and technological exchanges, which are crucial for industrial upgrades in the context of the "dual circulation" development strategy [2] - The stability of the yuan is supported by strong domestic economic fundamentals, with a GDP growth of 5.4% in the first quarter and a net inflow of approximately $100 billion in cross-border funds over five months [3]